While it is true that with a few amendments here and there, Super has become a lot easier in terms of user-friendliness; you can still err if you do not choose your Super investments wisely. How about these stats: 1) 30% of Super fund members do not go through their annual statements; 2) Only about 20% members diligently choose where to park their Super money; 3) Only about 75% of funds offer the right value for money.
Author: Alan Preston Archives
What You Need to Know about the Super System
Under the Superannuation Guarantee Laws, it is binding on your employer that he pays 9.5% of your salary/wages to your Super fund’s member account. It is a legal binding and pertains to any employee who is above the age of 18 and earns in excess of $450 monthly.
How SMSF Lending Breaches the Law
Already, there has been a raging debate about whether real estate agents should recommend SMSF lending for facilitating real estate investments. Now, the turf where this debate is being played out is hotting up further with lawyers warning accountants and advisers of a potential law breach.
Those advisers who are offering Limited Recourse Borrowing Arrangement (LRBA) certificates to SMSF clients are likely to be trespassing the guidelines of the National Consumer Credit Protection Act ‘2009’ and this can land them in trouble as their insurance may fall short of protecting them.
SuperStream Contributions Processing has Started
SuperStream, the new payment standard that marks the shift from manual to electronic Super contributions, has got its first kick. An article on the website SMSF Adviser informs that SuperStream contributions processing has started.
SPAA Predicts High SMSF Costs are Temporary
In an article for the website My Wealth News, Peter Wolfram talks about what the Self-Managed Superannuation Fund Professionals Association of Australia (SPAA) feel about the present SMSF costs.
When is the Best Time to Set Up SMSF?
A self-managed superannuation fund (SMSF) is definitely quite desirable when you reach it from the perspective of flexibility and control. However, before boarding the SMSF bus, you must figure out whether it is a good deal for you or not. Yes, SMSF gives you full control over the pace at which you want to build your retirement savings but having said this, it also asks you to come out wearing the cloak of “extra responsibility”.
